The Business Bytes
TBB BUREAU
MUMBAI, AUG 17, 2021
SBI Life Insurance on Tuesday announced the launch of a new-age protection solution ‘SBI Life eShield Next’, an individual, non-linked, non-participating, life insurance pure risk premium product.
“The policy works by ‘levelling up’ the required insurance protection, through an increase in sum assured linked to the significant ‘level-up milestones in one’s life, like getting married, becoming a parent or buying a new house,” the insurer said in a statement.
It offers three plan options – Level Cover, Increasing Cover, and Level Cover with Future Proofing benefit. Each has been crafted to meet the changing needs of consumers, it said. The plan option, once chosen at inception, cannot be changed during the policy term.
In Level Cover plan, the sum assured stays constant throughout the policy term; while in Increasing Cover plan the absolute amount assured on death increases by 10% p.a. (simple) of the basic sum assured at the end of every fifth year of the policy. The Level Cover with Future Proofing option provides consumers the choice to increase their cover as they achieve through life’s important milestones like, getting married or becoming a parent or buying a house, without undergoing further medical tests.
Ravi Krishnamurthy, President, SBI Life Insurance said, “Our term insurance should be able to intelligently take care of our needs as we progress through life’s important milestones. SBI Life eShield Next, with its three plan options, offers a distinctive customization feature that caters to the evolving needs of the consumer.”
